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State bank sets up complaints hotline
The State Bank of Vietnam (SBV) has set up a hotline for the public to make recommendations and complaints about banking issues, especially about currency.
The bank expects the move will help it make more flexible and accurate decisions as it will have better information from clients.
The hotline numbers are (04) 8266344, (04)8268768 or mobile phone numbers 01226376735 and 01226268579 .Clients can also fax at (04)9241534 and (04)8241098 or email nhnn@sbv.gov.vn or hbthang@gov.sbv.vn .
In another move, Ho Huu Hanh, the head of the central bank’s HCM City branch has warned that banks and money changers will face stringent penalties if they violate regulations.
Hanh cited violations such as selling dollars at higher than the interbank rate, using a third currency for dollar transactions, and asking borrowers to leave a portion of their loan in their account.
“We will immediately investigate and fire the head of the organisation’s involved,” Hanh said.
He told a meeting on Tuesday that the SBV plans to stop issuing licences to new money changers and punish those caught breaking the rules by withdrawing their licences.
The SBV will also confiscate commissions and take stern action against any commercial bank found selling dollars at high prices or using third currencies in dollars transactions.
The SBV would prioritise sale of foreign currency to those banks involved in import and export of essential products like petroleum and steel, Hanh said.
Hanh said the bank would, however, reject any request from those that have large reserves of dollars and the SBV would keep interest rates stable by maintaining it at 14 percent in July.
The central bank is also discussing various options with regard to the interest rate, he said. “The rate will be up or down in August and September depending on inflation. It tends to go down it inflation drops.”
The SBV’s HCM City office has set up 14 teams to inspect all the banks in the city.
Those lending at more than 19 percent interest would be asked to cut their rates, Hanh said.-Enditem
TTA0307. 013 ANZ gets nod from central bank
Hanoi (VNA) – The Australia and New Zealand Banking Group has been granted in principle approval to set up a wholly Vietnam incorporated operation.
Following the move, the bank will open at least four new outlets in Vietnam by the end of this year.
The announcement followed approval-in-principle by the State bank of Vietnam on June 25 but only released on July 2.
The approval will help ANZ compete more equally with local banks.
The bank’s existing branch in Hanoi is expected to be retained.
The newly incorporated bank will help meet the needs of Vietnam ’s growing population by offering more products.
These are expected to include mortgage loans, credit cards, car loans and better savings and investments.
Alex Thursby, group managing director for Asia and the Pacific, said the bank regarded expansion in Vietnam as one of its highest Asian priorities.
ANZ has 13.9 percent equity in Saigon Securities Incorporation and 10 percent stake in Saigon Thuong Tin Commercial bank (Sacombank).
ANZ entered Vietnam in 1993 and has branches in Hanoi and HCM City , and a representative office in Can Tho Province.
So far this year, Vietnam has already granted licences to the Hong Kong and Shanghai Banking Corporation (HSBC) and Standard Chartered Bank.
About 27 other foreign banks are awaiting approval to set up wholly foreign-invested operations.
VNA
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